June 30, 2015
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THE government yesterday accused former Baha Mar developer Sarkis Izmirlian of misleading the public with inaccurate, unpatriotic and unsubstantiated claims in a bid to conceal his failures and detract from current progress.
THE Government was yesterday urged to divulge “the full cost to the Bahamian people” of its Baha Mar agreement after evidence emerged to show it had extended an exemption from Value-Added Tax to all companies and suppliers working on the construction completion of the resort.
THE government has received the highly anticipated Baha Mar proposals from prospective buyer Chow Tai Fook Enterprises (CTFE), including a list of operators that the Hong Kong-based conglomerate is eyeing to run the shuttered mega-resort’s casino - the largest in the Bahamas and the Caribbean.
SEEKING to increase pressure on the government to release all documents related to the Baha Mar negotiations, the Free National Movement yesterday announced it is collecting signatures for an online petition to demonstrate the level of public “disgust” over the sealed deal.
FREE National Movement Leader Dr Hubert Minnis yesterday renewed his warning to future Baha Mar investors not to engage in any negotiations with the Christie-led government that would disadvantage Bahamians.
Standard & Poor’s (S&P) last night made good on its threat to downgrade the Bahamas’ sovereign creditworthiness, warning of “depressed growth” due to a combination of the Baha Mar dispute and long-term structural weaknesses in the economy.
BAHA Mar’s legal team did not mince words yesterday when calling on a judge to dismiss the government’s winding up petition for the appointment of provisional liquidators to speed up completion of the stalled Cable Beach development.
Baha Mar Ltd. issued the following statement this afternoon with regard to the Prime Minister’s decision announced last night:
DESPITE the public spats the Christie administration has had with Baha Mar developer Sarkis Izmirlian, Tourism Minister Obie Wilchcombe believes the government can still work with him and maintain a good relationship in the future.
The Baha Mar bankruptcy order should be granted in the Bahamas to avoid a damaging dog-fight between creditors, Richard Coulson urges.
A DELAWARE judge has approved Baha Mar’s request to begin tapping into $80m in financing to keep the resort on track for opening while it undergoes Chapter 11 bankruptcy proceedings.
Shock move by $3.5bn resort amid constructions deadlock
BAHA Mar CEO Sarkis Izmirlian announced yesterday that the $3.5bn Cable Beach mega resort has filed for Chapter 11 bankruptcy in a Delaware Court in the United States “in order to complete construction and successfully open”.